Crypto Analyst Predicts Cardano Price to Rise 370% to $2, Here’s the Timeline
Cardano is one of the cryptocurrencies that continues to see bullish expectations from crypto analysts. One crypto analyst, in particular, found by @Av_Sebastian on X (ex-Twitter), believes that the price of Cardano can rise as high as $2, citing the upcoming development of Chang as the reason for this.
Cardano Will Reach $2 Soon
In a post on X (formerly Twitter), the crypto analyst revealed their expectations for Cardano’s price, saying it could rally more than 300% from here. Sebastian explained that the reason for this is the upcoming hard fork of Cardano that has sparked excitement in the community.
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The crypto analyst refers to the previous development of the Cardano network, all of which sent the ADA price rally in response. One notable example of ADA price convergence in response to network development is the excitement surrounding the Alonzo hard fork in 2021.
The Alonzo hard fork was important because it introduced smart contract capabilities to the network. This meant that the emerging field of finance (DeFi) would eventually be reflected in the Cardano network, bringing a new wave of users to the blockchain.
In the months leading up to Alonzo’s hard fork, the price of ADA went from $0.2 to an all-time high of $3.1, a 30x increase in a year. Continuing with this, Sebastian expects that the price of ADA can include a similar meeting.
According to Sebastian, the development of Chang, which will see all nodes updated in August, will be the main driver behind this. As a result, he expects ADA to rise 370% to $2 and the timeline for this is set for August, which is only two months away.
Therefore, in June the Cardano blockchain will receive a node upgrade and in August all nodes should be updated and Chang should be live.
Before all other important hard forks, $ADA the price is gone.
A $2 $ADA in August is very possible!– Sssebi🦁 (@Av_Sebastian) June 10, 2024
Change Develop Profit Ground
The development of Cardano Chang is already gaining momentum as investors are looking favorably on it. The upgrade is expected to give users more control when it comes to network management. Some of the major changes expected from the development will be a better management system, treasury and annual budget, and better support.
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Cardano founder Charles Hoskinson also commented on the development, saying it was a major change for the ADA. The upgrade will move all Cardano nodes to version 9.0. However, at least 70% of all node users are required to upgrade to the new version before the upgrade can take place. At this time, the development of the network is expected to take place in August 2024.
So far, the price of ADA has not shown a significant reaction to future developments. The altcoin continues its downward trend at $0.4254 at the time of writing, with a decrease of 7.78% in the last seven days.
The featured image was created with Dall.E, a chart from Tradingview.com
